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- MKR rose above its bullish flag but faced a price slide at press time.
- Demand remained flat, but the BTC price action could determine the direction of the MKR’s price.
the creator [MKR]And At the time of publication, where Closer to November’s high of $925, but some hurdles could complicate things. At press time, the maker was facing a price rejection of $823. The drop threatened to erode recent gains after escaping from the price consolidation phase.
is reading makers [MKR] predict the price 2023-24
MKR Climbed Above Its Bullish Flag – Will the Uptrend Continue?
MKR price action in January formed a bullish flag pattern – which means there is a strong chance for another rally. In fact, MKR surpassed that and posted another 10% gain on top of the January rally. However, the token was facing a price rejection at $823 and was flashing a red signal at the time of writing.
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Notably, the altcoin might aim to breach the $823 level as the Relative Strength Index (RSI) indicated a bullish market structure. Likewise, the Money Flow Index (MFI) rose from the lower bands, indicating an accumulation trend.
As such, the MKR bulls might break above the $823 resistance and target the November high at $925. The bullish trend could accelerate if bitcoin breaks above the $22.75k level. In the meantime, the bulls need to clear the $882 barrier to reach their target.
A drop below $690 could invalidate the bullish bias shown above. The movement could accelerate if BTC drops below $22.5K. But the bulls could find a steady hold at $634 in such a scenario.
MKR witnessed a cumulative trend and increased trading volumes
According to Santiment, manufacturers have seen an accumulative trend as demand for the asset has increased. Notably, MKR supply on exchanges is down at the time of writing, indicating limited selling pressure.
On the other hand, over-the-counter supply registered a slight increase, indicating a rising demand and accumulation trend for the asset.
If the trend continues, the maker might try to retest the $823 resistance or break above it. In addition, the daily active addresses have increased in recent days, which indicates that more accounts are exchanging MKR tokens.
As such, volumes and bullish momentum increased. The continuation of the trend could push the bulls to clear the hurdles and target the November highs.
However, if BTC drops below $22.5000, volumes could drop, giving bears an opportunity to extend the MKR price correction.